Many experts agree about the enormous potential of integrating Artificial Intelligence (AI) in businesses. Its significant influence on modern technology leaves business owners with no choice but to incorporate it in daily operations and thus reduce the overall costs of running successful business operations.
According to the research presented in the infographic below by TechJury, by 2030, the global GDP is expected to rise by $15.7 trillion thanks to AI. In addition, the AI software market is projected to be worth $59.8 billion by 2025, despite it being estimated at just $1.4 billion in 2015
The main question you may be asking yourself if you run a small and medium-sized enterprise (SME) is, “Could I integrate AI into my business operations even if I have a tight budget?”
The truth is, you don’t need to spend a fortune if you decide to improve your business operations in this manner. In fact, in most cases, you won’t even need the latest and most advanced AI technology. You could simply start with the basic solutions and then expand as you grow.
This article will help you to learn how to reap the benefits of integrating AI in your business operations without spending much.
But let’s proceed one step at the time.
Artificial Intelligence for SMEs With Low Budget
According to Bobby Goodman, a member of the Forbes Chicago Business Council, small businesses could hugely benefit from various dedicated AI tools that automate or simplify many everyday processes and tasks.
These tools carry out a wide variety of functions, from the management of communication to the presentation of business reports. The most common tools are the following.
Chatbots to Serve The Customers
Chatbots are one of the most accessible AI applications for SMEs without the need to spend heavily. It is a software with built-in AI that automates tasks and with which humans can converse.
It can be basic and accomplish simple tasks such as setting up reminders, or it could manage complex queries such as dealing with customers’ complaints. Of course, the best solution lies in between these two.
You could build a chatbot capable of addressing and attempting to solve consumers’ issues. If the issues are too complicated for the chatbot to understand and solve them, it could simply forward the problem to human staff who will deal with it.
At the moment, bookings, sales management, and customer service are the most common uses of chatbots.
Google Assistant, Amazon’s Alexa, and Apple’s Siri are currently the most well-known smart assistants. For small and medium businesses, they could assist with gathering various information online and alleviate the workload of the employees.
CRM and Managing Leads
CRM platforms are an essential tool for many companies. They manage communication with the customers through emails, calls, chats, social networks, etc., all integrated into a single service.
The increasing number of these platforms incorporate AI into their services, such as Salesforce with its Einstein AI tool, for example.
AI can improve the analysis of each client and their behavior, personalization of campaigns, or tracking of leads (potential customers).
Data-Driven Marketing And Communication
The databases containing information about clients and target audience could also benefit from AI. Customized campaigns or the management of advertising and marketing data can improve a company’s marketing efforts and significantly reduce costs.
Talent, Equipment, and Human Resources
Many SMEs do not have a lot of human resources at disposal. As such, they lack the staff to control productivity, improve employee engagement, team management, or talent retention.
The automation of human resources management is possible through the programs equipped with AI. The intelligent analysis of big data allows things such as optimizing the search for new, talented personnel or managing the existing ones.
How to Integrate AI Without Spending Much
For small and mid-sized companies, the cost of integrating AI might be higher, but it helps save different costs. To get the very best out of this technology, you should take steps to prepare your associated workforce for the changes ahead. Since you will be going for the less complicated AI technology, providing them with low-cost or free tutorials may be the way to go.
Implementing AI and machine learning could be expensive and difficult on a large scale. In fact, this technology is commonly associated with tech giants such as Google and Amazon. Fortunately for businesses with tight budgets, the implementation doesn’t necessarily have to mean breaking the bank.
According to Forbes, the following pointers are key ways of incorporating AI without spending much:-
Take one step at a time by integrating AI systems for measuring employees’ productivity
Tackle small problems which have high ROI
Focus first on personalizing contents for customers
Use AI for your analytics
Automate your business's machine learning processes.
As AI continues to improve, low-cost tools such as virtual assistants and chatbots are gaining penetration. As a result, small and medium-sized companies that adopt the tech will have the edge over competitors even while on a tight budget. The automation of tasks that were previously complicated or even impossible will no doubt allow SMEs to access knowledge and skills reserved for large companies.
By now you should be more than encouraged to include AI technology in your business strategy and activities. As every business is different from the next, it is best for you to choose only those aspects of the implementation that would yield profits. Start with simple adoption and then go big if everything goes according to the plan.
So what are you waiting for? Enter the world of AI today. Give it a try and experience results you never believed to be possible!